Photo: Daniel Goodman / Business Insider
Andrew Schiff, the director of marketing for brokerage Euro Pacific Capital, is the highlight of today’s Bloomberg story on how bankers are dealing with the after-effects of receiving lower bonuses.Despite not really even being a banker—he’s the director of marketing—Schiff doesn’t hesitate to complain about how the industry-wide cutbacks are affecting him. Schiff, whose brother is Euro Pacific’s founder Peter Schiff, makes about $350,000 a year, which puts him in the upper 1percent by income, according to Bloomberg. Yet, the director said it’s not enough for his kids’ private school tuitions, summer house rentals and his eventual hope to move out of his Brooklyn duplex.
“I can’t imagine what I’m going to do,” Schiff said. “I’m crammed into 1,200 square feet. I don’t have a dishwasher. We do all our dishes by hand.”
He wants 1,800 square feet — “a room for each kid, three bedrooms, maybe four,” he said. “Imagine four bedrooms. You have the luxury of a guest room, how crazy is that?”
The family rents a three-bedroom summer house in Connecticut and will go there again this year for one month instead of four. Schiff said he brings home less than $200,000 after taxes, health-insurance and 401(k) contributions. The closing costs, renovation and down payment on one of the $1.5 million 17-foot-wide row houses nearby, what he called “the low rung on the brownstone ladder,” would consume “every dime” of the family’s savings, he said.
“I wouldn’t want to whine,” Schiff said. “All I want is the stuff that I always thought, growing up, that successful parents had.”
The New York lifestyle he wanted is apparently “just beyond [his] reach.” Brutal.